Monzo co-founder revealed as non-executive chair of property lender GBB

Paul Rippon, one of the founders of Monzo who left the bank last year to raise alpacas, has been appointed as non-executive chair of Newcastle-based banking service GBB.

GBB has already raised over £10m from investors, some of which has been spent on trying to obtain its banking licence, which it hopes it will do so by the end of the year. 

Rippon, who has nearly 30 years experience in the industry, said following his exit from Monzo “around 200 opportunities” came his way but that he “ wanted something that would span business, banking and provide a way to help others from more humble beginnings like me.”

“Following meetings with the team, I saw and liked the business model which allows GBB to build new homes and businesses and deliver safe and fair savings in a modern and sustainable way.” 

“The combination of leading-edge technology and relationship managers on the ground to provide support to customers is what property developers are in desperate need of,” he added.

Steve Deutsch, CEO of GBB, said: “Paul’s expertise is second to none and comes at a critical time as we fundraise and move, upon receipt of our licence, to being fully operational.”

Once fully operational, the banking service will be able to provide loans of between £1m and £5m, with the majority of its lending supporting property builders, construction companies and SMEs in the North East. 

Rippon’s appointment is still subject to regulatory approval but it’s hoped he will be able to help GBB realise its full lending potential in the North East.